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Tribal Government of Menominee Indian Tribe of WI
Menominee County
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Table of Contents
Table of Contents
Code
New Laws (25) Index Notes (1)
[HISTORY: Adopted by the Legislature of the Menominee Indian Tribe 11-5-1998 by Ord. No. 98-22. Amendments noted where applicable.]
This business of the Menominee Indian Tribe of Wisconsin is chartered pursuant to Article XIII of the Constitution and Bylaws of the Menominee Indian Tribe of Wisconsin.
The purpose of this business is to provide housing for Menominee tribal members on the Menominee Indian Reservation utilizing the Wisconsin Housing and Economic Development Authority's Federal Tax Credit Program.
The form of this business shall be a limited partnership certified under the laws of the State of Wisconsin.
The general partner of this limited partnership shall be the Wolf River Development Company, a business chartered by the Menominee Indian Tribe of Wisconsin.[1]
[1]
Editor's Note: See Ch. 740, Wolf River Development Company.
The limited partners of this limited partnership shall be designated by the Tribal Legislature by resolution.
The business shall possess all powers allowed pursuant to Article XIII of the Constitution and Bylaws of the Menominee Indian Tribe of Wisconsin, including the power to hold leasehold interests in tribal property.
The limited partners shall own 99.99% of the assets of the limited partnership. The general partner shall own 0.01% of the assets of the limited partnership. After all the tax credits have been given out pursuant to the award from the Wisconsin Housing and Economic Development Authority, the limited partners shall transfer all interest in the assets of the business to the general partner, pursuant to the terms of the limited partnership agreement.
The general partner shall exercise 100% control over the business of the limited partnership.
The general and limited partners shall at all times act in compliance with the Menominee Tribal Housing Limited Partnership Agreement which is attached hereto and incorporated herein.[1]
[1]
Editor's Note: A copy of the agreement is on file at the office of the Tribal Chairperson.
All monies collected as rent pursuant to the project shall become assets of the general partner to be used to maintain said project.
The business shall report to the Menominee Tribal Legislature at least one time per year regarding the fiscal status of the business.